Cryptocurrency commentators have sought to debunk the myth that Bitcoin is a correlated asset as stocks posted their worst Christmas Eve on record, only to stage the biggest one-day gains in history Dec. 26.

“I definitely agree there are some psychological components at play as the stock market pulls down,” Morgan Creek Digital Assets founder Anthony Pompliano told CNBC the same day.

Pompliano also warned that a more significant reversal was due for Bitcoin, one which could take it below $3,000.

In altcoin markets, it was BCH leading the daily losses, dropping 4 percent on the day to press time.